Canandaigua National Bank & Trust Co. Takes Position in NOV Inc. $NOV

Canandaigua National Bank & Trust Co. bought a new position in shares of NOV Inc. (NYSE:NOV) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 89,375 shares of the oil and gas exploration company’s stock, valued at approximately $1,658,000.

A number of other institutional investors have also recently added to or reduced their stakes in NOV. Crossmark Global Holdings Inc. grew its stake in NOV by 203.9% during the 4th quarter. Crossmark Global Holdings Inc. now owns 85,897 shares of the oil and gas exploration company’s stock valued at $1,343,000 after acquiring an additional 57,634 shares in the last quarter. California State Teachers Retirement System boosted its holdings in shares of NOV by 20.4% during the 1st quarter. California State Teachers Retirement System now owns 422,834 shares of the oil and gas exploration company’s stock worth $7,954,000 after purchasing an additional 71,754 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of NOV during the 1st quarter worth approximately $2,331,000. Vest Financial LLC grew its position in shares of NOV by 13.5% in the fourth quarter. Vest Financial LLC now owns 430,231 shares of the oil and gas exploration company’s stock valued at $6,725,000 after purchasing an additional 51,175 shares in the last quarter. Finally, Lee Danner & Bass Inc. increased its holdings in shares of NOV by 55.3% in the first quarter. Lee Danner & Bass Inc. now owns 280,800 shares of the oil and gas exploration company’s stock valued at $5,282,000 after purchasing an additional 100,000 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

Insider Activity at NOV

In other news, Director David D. Harrison sold 9,594 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $19.21, for a total transaction of $184,300.74. Following the completion of the transaction, the director directly owned 126,763 shares in the company, valued at $2,435,117.23. This trade represents a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on NOV shares. Zacks Research raised NOV from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. Morgan Stanley set a $21.00 price objective on shares of NOV in a report on Wednesday, July 15th. Capital One Financial upgraded shares of NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 target price on the stock in a report on Thursday, June 4th. TD Cowen increased their price target on shares of NOV from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Finally, Evercore upgraded shares of NOV to a “hold” rating in a report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $21.31.

NOV Stock Down 2.4%

Shares of NYSE:NOV opened at $19.51 on Thursday. The company has a market capitalization of $6.96 billion, a price-to-earnings ratio of 75.04 and a beta of 0.92. NOV Inc. has a 12-month low of $11.77 and a 12-month high of $21.55. The business has a 50-day moving average price of $19.54 and a 200 day moving average price of $19.47. The company has a current ratio of 2.42, a quick ratio of 1.61 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV) last announced its quarterly earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.14. NOV had a net margin of 1.10% and a return on equity of 3.44%. The business had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.08 billion. During the same period last year, the business earned $0.29 earnings per share. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. Sell-side analysts expect that NOV Inc. will post 0.95 EPS for the current year.

NOV Dividend Announcement

The company also recently declared a special dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid a dividend of $0.09 per share. This represents a yield of 170.0%. The ex-dividend date was Friday, June 12th. NOV’s dividend payout ratio is 138.46%.

NOV Company Profile

National Oilwell Varco (NYSE: NOV) is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV’s business is organized to serve upstream energy companies around the world.